Follow Patrick Linkedin Facebook
Email Patrick Email
Residential Real Estate
Jan 1, 2015

Use of Technology In Financing Delivers Hassle-Free Transactions

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

The days of waiting for a faxed counter offer from a listing agent or wasting hours of precious in-person time at an attorney’s office are over. Technology has given us the ability to work remotely, the freedom to spend more time with our families, and the flexibility to pursue the hobbies and interests that we care about most.

With the use of advanced technology gaining increased acceptance in the mortgage industry, the average transaction has become more efficient and hassle-free. Over the course of my 15 years as a mortgage broker I have watched the pen slowly give way to the electronic signature, and the copier slowly go the way of the dinosaur. 

The need for a phone call has been supplanted by the ease of sending a text message in many cases, resulting in a faster and smoother transaction process. The necessity of sending faxed copies of driver licenses, pay stubs and bank statements has been eliminated by the camera, scanner and email functions on the average smartphone. 

An e-card system that automatically sends out push notifications to listing agents, mortgage brokers and buyer’s agents at critical points in a transaction is currently available. There is even an iPhone application that allows for the sending of a borrower’s preapproval letter.

In short, the implementation of technology has caused a revolution in my industry – so much so that I typically meet less than 5 percent of my clients face to face these days. Everyone is busier than ever before, the workplace has become more demanding, and the expectations for the modern employee have continually increased. This has resulted in a surge of interest for the ways in which technology can facilitate a furlough from the confines of the office.

The preapproval process is a prime example. All of the necessary steps for a borrower to get preapproved can be completed electronically these days, so the need for in-person meetings can be drastically reduced. Having a letter of preapproval in hand before embarking on a home search is a critical strategy for success if you are interested in maximizing your time.

A preapproval letter is not to be confused with a note of prequalification, however, which is basically worthless since it really only amounts to a lot of meaningless talk. Instead a note of preapproval is worth its weight because all of the diligence that has to be performed has already been done. 

For many folks, the amount of money they will be able to borrow is the single most important factor in their decision making. Going into a search for a potential home with an accurate idea about pricing will allow the buyer (and real estate agent) to save a tremendous amount of time.  Keeping that in mind, the first thing that a person should do before starting the search for a home is contact a mortgage broker.

To summarize, technology has streamlined the financing process and delivered a much more positive experience for many consumers. It has enabled a large segment of the population to educate themselves about all of the particulars, so if there is ever a need to meet in person, the details are positioned in such a way that the transaction goes as smoothly as possible.

Technology has allowed the mortgage industry to greatly reduce its environmental impact by eliminating the need for a mountain of paperwork to correspond with every transaction. That is a change we can all get behind. It has also enabled me to save time and to work on a virtual basis with clients who are located abroad, in Raleigh, Wilmington and elsewhere in North Carolina, although I am always happy to meet with people in person and discuss a situation the old-fashioned way.

For a free assessment about your purchasing power or a note of preapproval, contact me through email, text message or over the phone. I enjoy helping people realize their goals in the most efficient and positive manner possible.

Patrick Stoy has 15 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or 910-509-7105.

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

For Association Boards, CAI Membership has its Privileges

Mike Stonestreet - CAMS (Community Association Management Services)
Dave hoff heashot 300x300

Learning Agility: The Key to Leader Potential (Part 2)

Dave Hoff - EASI Consult
Brett

How Will the New Tax Changes Impact College Planning?

Brett Tushingham - Tushingham Wealth Strategies

Trending News

Changes Coming To Hanover Center, Oleander Drive Site

Cece Nunn - Feb 21, 2018

Downtown Wilmington Store Moving To Mayfaire Town Center

Cece Nunn - Feb 22, 2018

Papanikolaou Family Opens Symposium At Mayfaire

Jessica Maurer - Feb 21, 2018

South Front Phase II Apartments Fully Leased

Christina Haley O'Neal - Feb 20, 2018

Peño Mediterranean Grill Welcomes Customers To New Location  

Jessica Maurer - Feb 21, 2018

In The Current Issue

Firms Find Benefits In Mergers

The Cheek family operated an Ocean Isle Beach-based residential real estate firm, Resort Brokerage, for nearly two decades years before deci...


NHRMC Keeps Hospital Site Options Open

New Hanover Regional Medical Center officials are keeping their options open when it comes to future uses for the former Cape Fear Hospital...


How To Give, Despite Deduction Increase

Wilmington-area nonprofits, like their counterparts across the country, are watching to see what happens to charitable contributions in 2018...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes